Thinking about the costs of cancer treatment
When you’re told you have cancer, money is usually not the first thing that comes to
mind You might not want to think about money right now, but high health care costs
could make it hard for you to afford cancer treatment and follow-up care. Some people
must work out money issues before they can even start treatment. For others, it becomes
a problem after treatment begins. Either way, it takes time and energy to manage your
medical bills, insurance, and finances. This can be especially hard when you have cancer.
Financial resources are available to help people with cancer afford the care they need.
These resources can be helpful if you don’t have health insurance, or if your health plan
doesn’t cover the care you need. They include government programs that help lowincome people get cancer screenings or treatment, disability benefits, aid from voluntary
organizations, and living benefits from life insurance policies, including viaticals (these
will be explained later on). Even if you have health insurance, you may soon find out that
it doesn’t cover all the costs involved. And even if you are well-insured, cancer can still
cause financial problems.
It’s important to have accurate, up-to-date information and a good understanding of your
financial situation and insurance coverage. And, if your insurance cost is not deducted
from your paycheck, it’s important to pay your monthly insurance premiums on time.
Having no health insurance can be scary. But there are other options you might want to
think about.
Here we will cover:
• Private health insurance
• Government-funded insurance plans
• Options if you are uninsured
• Financial issues and possible sources of help
• Other resources
Insurance options began changing quickly when the health care law known as the
Affordable Care Act (ACA) was signed in March 2010. Most of the law’s requirements
will be in place as of 2014. At that point, there will be more safeguards for the person
with cancer. But even after that, the health care landscape may still be shifting for some
time. Call us anytime at 1-800-227-2345 for the most up-to-date information.
Private health plans
Private health insurance coverage is a contract between you and an insurance company
that promises to help pay the costs of medical care. This could include routine check-ups
and screening tests to prevent or detect an illness, diagnosis and treatment of an illness or
injury, and follow-up care. Good medical coverage can help you stay healthy and help
you avoid major money problems if you get sick or are in an accident.
Group health plans
Many people have private insurance through employee group plans or individual plans. A
group health plan covers a group of people, usually employees of the same company, and
often their dependents. In general, employers must offer health coverage to full-time
employees, even if an employee is sick or has a pre-existing condition. Some employers
pay part of employee health care premiums, which are the monthly payments for
coverage.
Individual health plans
Individual plans are sold by insurance companies directly to the insured person, not
through an employer. Some individual policies also cover family members, or
dependents. The company may check into your personal and family health history, and
they may require physical exams or lab tests when deciding whether they will insure you.
They often charge higher monthly premiums and require patients to pay more for their
care than group plans, depending on the insured person’s age and overall health. In some
cases, a health insurer may choose not to sell an individual plan to a person who has had
a serious illness – this can be a big problem for people who have or have had cancer.
Individual plans also offer different levels of coverage. Some plans offer very good
coverage, while others don’t offer enough coverage for someone with a serious illness.
Starting in 2014, individual plans will have to follow a new set of rules that are designed
to protect patients. Insurers will have to sell an individual plan to anyone who applies for
one, regardless of their health status. They will not be able to charge higher monthly
premiums to someone just because that person is ill or has been ill. And they will have to
offer a minimum set of benefits needed to screen for and treat diseases such as cancer.
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